Co-founder and Managing Partner of Federal Financial Analytics, Inc., a privately held company that provides analytical and advisory services on legislative, regulatory, and public-policy issues affecting financial services companies doing business in the U.S. and abroad. Chairman of the Board of Governors of the Federal Reserve System, 1979–1987, credited with leadership in ending a period of high and rising inflation and restoring a base for sustained growth. Dr. Bernstein received his Ph.B. Fiscal Policy from Georgetown University and Ph.D. in Economics from the University of Maryland. Mr. Levitan received his B.S. President Lyndon B. Johnson elevated him to Under Secretary in 1965, then to U.S. Secretary of Health, Education, and Welfare, in 1968. Economics USA: The Firm Video Transcript He was among the first economists to apply economic theories directly from within the marketplace rather than from academia. He also had a distinguished academic career, beginning at Dartmouth and Amherst Colleges, then at Princeton University where he was twice Chairman of the Department of Economics and served as Acting Director of Princeton’s Woodrow Wilson School of Public and International Affairs. He also worked at the Rand Corporation as Director of Strategic Studies. and Ph.D. from George Washington University. He taught at Princeton and Columbia Universities, then served as a Senior Staff Economist on President George H.W. In the Spring of 2018, James Tierney and I sat down to go through all three seasons of Adam Ruins Everything to pick out examples in each episode that could be used in an economics course. 22. In 1914, the federal government was sold on the concept of universal telephone service provided by Ma Bell, a monopoly that was ended by the development of a new technology. 14. Economics USA: Oligopolies Audio Transcript, Unit 8 He is also cited frequently in leading business publications, including the Wall Street Journal, the New York Times, the Financial Times, USA Today, Investor’s Business Daily, Business Week, Newsweek, Fortune, Forbes, and U.S. News and World Report. from the University of Wisconsin. The Employment Act of 1946 was the first time that government tried to employ fiscal policy. This video explains the circular flow model. He joined the faculty at the Maxwell School of Citizenship and Public Affairs, becoming Chair of the Department of Economics, 1997–2001. In 1933, he attended Keynes’ lectures at Cambridge University, two years before Keynes’ publication of The General Theory of Employment, Interest and Money, the treatise that argued that industrialized economies, then mired in depression, were unlikely to recover on their own but could use government spending and tax cuts to do so. He has authored and co-authored 17 books and is a regular columnist for the Wall Street Journal. From 1944 to 1973, he was also a professor at Columbia University/Barnard College. His “Economics I” became the largest elective course in the history of Harvard College, where he also served as Assistant Dean. Unit 1 Economics USA: The Banking System Supplemental Audio Transcript, Unit 21 This video explains what unemployment is, how it is measured, and the different types of unemployment. His solution to the problems of inflation and short-run fluctuations in employment and real GNP was a so-called money-supply rule, which stated that if the Federal Reserve Board were required to increase the money supply at the same rate as real GNP increased, inflation would disappear. In 1980, Coca Cola replaced sugar with high fructose corn extract in order to alleviate higher production costs. Dr. Friedman received his B.A. Mr. Salant received his B.A. He also served as United States Ambassador to India under President Kennedy. 20. Mr. Elliott received an A.B. In Congress, he has served as Chair of the Committee on Energy and Commerce and on the Subcommittee on Commerce, Manufacturing, and Trade. This notion gave him the reputation of being a pragmatic conservative, jokingly referred to as a “liberal’s conservative and a conservative’s liberal.” He was author of The Fiscal Revolution in America and was on the board of contributors of the Wall Street Journal. from Tufts University, and Ph.D. in Economics from Columbia University. In 2009, he garnered controversy for a column he published lambasting Republican politicians for blocking new health-care legislation. Vice Chairman of the Board of Governors of the Federal Reserve System, 2006–2010, and Member of the Board of Governors, 2002–2008. He wrote many texts, including Income from Independent Professional Practice; A Theory of the Consumption Function; Studies in the Quantity Theory of Money; Capitalism and Freedom; Free to Choose (which accompanied a PBS television series); and A Monetary History of the United States, 1867–1960. Able to assess the overall production to consumption ratio of the U.S., Franklin Roosevelt entered World War II without jeopardizing the basic needs of his citizens. from The College of Wooster and Ph.D. in Economics from the University of Michigan. Forty minute video using narrated slides to give an overview of mathematical and economic concepts relating to COVID-19. In the 1990s the U.S. had three ways to ease inflation: Technological innovation, market globalization, and expenditure restraint. Winner of the 1976 Nobel Prize in Economics for “his achievements in the field of consumption analysis, monetary history, and theory, and for his demonstration of the complexity of stabilization policy.” From his lifetime base at the University of Chicago, he did trailblazing work on price theory—the theory that explains how prices are determined in individual markets—and “monetarism.” He defied Keynes and most of the academic establishment of the time, resurrecting the quantity theory of money—the idea that the price level depends on the money supply. These stories highlight two important factors for economic growth: capital per worker (a.k.a. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking. Economics USA: Federal Deficits Supplemental Audio Transcript, Unit 25 He has also served on the Subcommittee on Communications and Technology, the Subcommittee on Energy and Power, and the Subcommittee on Environment and Economy. Before and after government service, he taught at the University of Minnesota where he became Chair of the Department of Economics. Papadimitriou has been the Executive Vice President and Provost, Jerome Levy Professor of Economics, and President of the Levy Economics Institute at Bard College. Economics USA: Resources and Scarcity Video Transcript During the Depression he served in the Treasury Department, the Securities and Exchange Commission, and the Commerce Department. Chief Economist for the U.S. Department of Commerce, 1976–1977. Economist known as “The Father of Supply-Side Economics” because of his influence in shaping public policy during the 1980s, especially in the realm of tax cuts. But, by 2010 economists disagreed about whether fiscal policy was dead, as they argued over the success or failure of President Obama’s stimulus plan. 2018, Economics Global trade has long been a hot button political issue, but it's reached a fever pitch in recent times. Mr. Forrester received his undergraduate degree from the Engineering College at the University of Nebraska. from Rutgers University, M.A. He was Vice President of Development Economics and Chief Economist at the World Bank, 1988–1990; First Deputy Managing Director of the International Monetary Fund, 1994–2001; and then served as Vice Chairman of Citigroup, President of Citigroup International, and Head of the Public Sector Client Group. His successor Alan Greenspan used a different tactic in the early 1990s and 2000s: flood the market with liquidity to prevent freezing. Economic Efficiency First American economist to win the Nobel Prize in Economics, cited for doing “more than any other contemporary economist to raise the level of scientific analysis in economic theory.” Economic historian Randall E. Parker called him the “Father of Modern Economics” and the New York Times considered him the “foremost academic economist of the 20th century.” He spent his academic career at Massachusetts Institute of Technology (MIT), where he was awarded MIT’s highest faculty honor, and where he wrote the largest-selling economics textbook of all time: Economics: An Introductory Analysis. Economics USA: Supply and Demand Video Transcript, Economics USA: Supply and Demand Audio Transcript, Economics USA: Perfect Competition/Inelastic Demand Video Transcript, Economics USA: Perfect Competition/Inelastic Demand Audio Transcript, Economics USA: Economic Efficiency Video Transcript, Economics USA: Economic Efficiency Audio Transcript, Economics USA: Oligopolies Video Transcript, Economics USA: Oligopolies Audio Transcript, Economics USA: Pollution and the Environment Video Transcript, Economics USA: Pollution and the Environment Audio Transcript, Economics USA: Labor and Management Video Transcript, Economics USA: Labor and Management Audio Transcript, Economics USA: Labor and Management Supplemental Audio Transcript, Economics USA: Profits and Interest Video Transcript, Economics USA: Profits and Interest Audio Transcript, Economics USA: Reducing Poverty Video Transcript, Economics USA: Reducing Poverty Audio Transcript, Economics USA: Reducing Poverty Supplemental Audio Transcript, Economics USA: Economic Growth Video Transcript, Economics USA: Economic Growth Audio Transcript, Economics USA: Public Goods and Responsibility Video Transcript, Economics USA: Public Goods and Responsibility Audio Transcript, Economics USA: Resources and Scarcity Video Transcript, Economics USA: Resources and Scarcity Audio Transcript, Economics USA: Boom and Bust Video Transcript, Economics USA: Boom and Bust Audio Transcript, Economics USA: The Great Depression and the Keynesian Revolution Video Transcript, Economics USA: The Great Depression and the Keynesian Revolution Audio Transcript, Economics USA: Fiscal Policy Video Transcript, Economics USA: Fiscal Policy Audio Transcript, Economics USA: Fiscal Policy Supplemental Audio Transcript, Economics USA: Inflation Video Transcript, Economics USA: Inflation Audio Transcript, Economics USA: The Banking System Video Transcript, Economics USA: The Banking System Audio Transcript, Economics USA: The Banking System Supplemental Audio Transcript, Economics USA: The Federal Reserve Video Transcript, Economics USA: The Federal Reserve Audio Transcript, Economics USA: Stagflation Video Transcript, Economics USA: Stagflation Audio Transcript, Economics USA: Productivity Video Transcript, Economics USA: Productivity Audio Transcript, Economics USA: Federal Deficits Video Transcript, Economics USA: Federal Deficits Audio Transcript, Economics USA: Federal Deficits Supplemental Audio Transcript, Economics USA: Monetary Policy Audio Transcript, Economics USA: Monetary Policy Supplemental Audio Transcript, Economics USA: Monetary Policy Video Transcript, Economics USA: Stabilization Policy Audio Transcript, Economics USA: Stabilization Policy Video Transcript, Economics USA: International Trade Audio Transcript, Economics USA: International Trade Supplemental Audio Transcript, Economics USA: International Trade Video Transcript, Economics USA: Exchange Rates Audio Transcript, Economics USA: Exchange Rates Video Transcript. He authored 11 books, many of which have been adopted nationwide as texts for the study of economics. Until 1990, he was President of the Committee for Economic Development, a nonprofit Washington organization devoted to the study of public policy. His recollections express the pride in workmanship of “a family working together” and capture the pathos and grief of the company’s workers as Studebaker failed and closed its doors. Gross National Product (GNP), the nation’s total output of goods and services. Some thought that productivity was at an end, but government-supported technological innovation spurred productivity to new heights. Chief Historian at the U.S. Department of Agriculture in the 1980s. and Ph.D. in Economics from Northwestern University. Economics USA: Exchange Rates Audio Transcript She also served as Language Consultant to Children’s Television Workshop, helping to create “Sesame English” for markets in Japan and China. in Sociology from Harvard College and an M.A. The U.S. Environmental Protection Agency’s first Administrator when the agency was formed by President Richard M. Nixon in 1970. He moved east in search of advanced education and work, finding both in Washington, D.C., where he became the Dean of Agricultural Historians and served eleven Secretaries of Agriculture over a fifty-year period. He worked extensively for CBS News on television in the years following the war, and he became one of the early critics of Senator Joseph McCarthy’s anti-Communism tactics. from Bryn Mawr College and Ph.D. in Economics from Radcliffe College (Harvard University). Economics USA: Economic Efficiency Video Transcript He resigned his cabinet post to become Chairman of the Republican National Committee, 1977–1981. She is a Director of the Council on Foreign Relations, a Trustee of Columbia University and the Brookings Institution, and a member of the Trilateral Commission, the Atlantic Institute, and the American Academy of Diplomacy. Dr. Heilbroner received his B.A. He began his academic career as an instructor at Tufts University. 16. He has also served as President of the Urban History Association, the Society of American Historians, the Organization of American Historians, and the New York Historical Society. Big Picture TV. She has also authored many articles in publications such as American Banker, Bankers Magazine, and International Economy, as well as general-interest media like the New York Times and the Wall Street Journal. Before moving to George Washington University, he taught at Yale University and Bucknell University. Senior Fellow of Economic Studies at the Brookings Institution and noted health-care expert, focusing on financial reform of Medicare, Medicaid, Social Security, and tax and budget policy. Liam Lenten, La Trobe University. In 1932 President Herbert Hoover spoke enthusiastically about financial recovery while John Maynard Keynes expressed doubts. How much profit do they get in return? After the war, he taught at Stanford, where he became Chair of the Department of Economics. Secretary of Defense under Presidents Richard Nixon and Gerald Ford, and the first U.S. Secretary of Energy, under President Jimmy Carter. In 1956, he became Professor of Public Welfare Administration at the University of Michigan, until President John F. Kennedy appointed him Assistant Secretary for Legislation of Health, Education, and Welfare. Dr. Aaron received his B.A. Economics USA: Profits and Interest Audio Transcript, Unit 11 This video explains what GDP measures, how it is calculated, how it is useful in determining whether and how quickly the economy is growing, and how GDP can be used as indicator of standard of living. His writing has been published in the Wall Street Journal, the Washington Post, Journal of Commerce, and the New York Post. from the University of Wisconsin. Policy Director for the Campaign for America’s Wilderness, and Conservation Director and Associate Executive Director for the Sierra Club for 17 years. from Denison University and Ph.D. in Economics from Princeton University. Dr. De la Calle received his Ph.D. in Economics from the University of Virginia. Dr. Crandall received his M.S. Learn about economic theory, trade deficits, decision making skills and more in this series of short video lessons. In World War II, he won a Bronze Star as an infantryman and after the war served as deputy general counsel for the Marshall Plan. Economics USA: Productivity Video Transcript He is also a Trustee of the Council on Foreign Relations and a member of the Trilateral Commission, the Group of Thirty, the American Academy of Arts and Sciences, and the Council of Academic Advisors of the American Enterprise Institute. 19. Dr. Kahn received his B.A. Economics USA: Reducing Poverty Video Transcript Mr. Barbash received his B.A. 23. Dr. Doms received his B.A. All rights Reserved. Economics USA: Stabilization Policy Audio Transcript Why does Walmart choose low prices over high wages, and how do they get away with it? 7. He began his career as a teenage worker in a machine shop, then became a skilled metal finisher in a Chrysler DeSoto factory where he joined the UAW and was twice fired for his union beliefs and activities. In 1977, the federal court system told the Reserve Mining Company to build a $400 million disposal site for carcinogenic materials. He is a member of the American Philosophical Society, a Fellow of the Econometric Society, and a Fellow of the National Association of Business Economics. He is also Chairman of Criterion Economics. Bush’s Council of Economic Advisers and as a Faculty Research Fellow and Research Associate at the National Bureau of Economic Research. 1970s America saw a new kind of inflation, based on supply and not demand: “stagflation,” caused by Arab oil embargoes and worldwide crop failures. While at the CEA, he co-wrote a brief that led to the termination of the 1959 steel industry strike held by the United Steelworkers of America. from Princeton University, M.Sc. Economics USA: The Great Depression and the Keynesian Revolution Video Transcript GDP/GNP Economic Schools of Thought: Crash Course Economics #14 Recession, Hyperinflation, and Stagflation: Crash Course Econ #13 The 2008 Financial Crisis: Crash Course Economics #12 from Georgetown University Law School. Economics USA: International Trade Supplemental Audio Transcript The study of economics is built on the foundation of three very important concepts: scarcity, choice, and opportunity cost. Viewers will get a refresher on the laws of supply and demand before they learn about market equilibrium—the point at which there is no shortage or surplus of a good or service. versión español in Education, and Ph.D. in Developmental Psychology at UNC, Chapel Hill. Circular Flow Demand management policies fight cost-push inflation only by causing extremely high unemployment, and rising inflation and rising unemployment can parallel each other. These stories showcase the Fed’s capabilities while exploring how responsibilities and challenges have expanded over the years. Previously, he was the Assistant Attorney General in charge of the Civil Division for the U.S. Department of Justice, Deputy Attorney General of Indiana, and Counsel to the Indiana Stream Pollution Control Board, where he obtained court orders prohibiting industries and municipalities from polluting of the state’s water supply. Economics USA: Pollution and the Environment Audio Transcript, Unit 9 and Ph.D. in Economics from the University of Pennsylvania. She has taught economic accounting, most recently at George Washington University. A comprehensive video tutorial series covering all the major Year 1/AS Macroeconomics content including useful tips regarding analysis and evaluation Microeconomics - Year 2 A Level and IB A run through some of the most difficult to grasp A2 microeconomics material. In 1998, the U.S. government filed a suit against the world’s largest software company, Microsoft, for participating in anti-competitive practices. 4. Economist known as the leading proponent of 20th-century political liberalism, and a prolific author who produced four dozen books and more than a thousand articles, including the popular trilogy American Capitalism, The Affluent Society, and The New Industrial State. 9. In the late 1970s, President Jimmy Carter ordered Professor Alfred Kahn to deregulate the airline industry, which had been a federally protected oligarchy. Previously, he taught at the University of Maryland, served as Assistant Secretary for Planning and Evaluation at the Department of Health, Education, and Welfare, and chaired the 1979 Advisory Council on Social Security. Explore data, research and more in FRASER, our digital library. Executive Director of the National Academy for State Health Policy and former Director of the Urban Institute’s “Assessing the New Federalism” project. Economics USA: GNP/GDP Audio Transcript, Unit 16 Award-winning journalist and expert in the area of pollution and the environment. U.S. from the University of Washington and a Ph.D. in Economics from Harvard University. He was the John P. Bascom Professor Emeritus of Economics and Industrial Relations at the University of Wisconsin, where he taught for 24 years. Keep reading to learn how to best utilize these clips in the classroom or click on the button below to browse and search our full catalog of clips. The Perry School for Community Services, a Washington, D.C. poverty-reduction program, offers after-school programs for kids and vocational programs for adults, including recently released convicts. He then became a consultant in the Washington, D.C., area and ran unsuccessfully for the Senate, from Maryland, in 1994. Yet, because his text was discredited by Senator Joseph McCarthy as sympathetic to communism, it was Paul Samuelson’s book that brought the Keynesian revolution to the United States. He is President of DHE Consulting, LLC, and has served as Director of the Maurice R. Greenberg Center for Geoeconomic Studies and the Paul A. Volcker Chair in International Economics at the Council on Foreign Relations, as well as a senior visiting fellow at the Peterson Institute for International Economics. A Republican opponent of government regulation, he has at the same time defended women’s “right to choose,” gay and lesbian rights, and equality for all persons regardless of race, color, creed, gender, or sexual orientation. These stories illuminate factors that determine the quantity of goods demanded by consumers and the factors that determine the quantity of goods supplied. 15. Earlier, he was one of the Congressional Budget Office’s first officials, serving as Deputy Assistant Director in 1975. Subsequently, he was acting Director of the Federal Bureau of Investigation and Deputy Attorney General of the United States, and he served a second term as EPA Administrator, 1983-1985. He also held several positions in the Board’s Division of Research and Statistics, including Associate Director and Chief of Capital Markets. Investment management 1954 relying on “ automatic stabilizers, ” which, these! Their voice to the National telecommunications and Information Administration during the Depression he as., 1971–1977, congressman from Wisconsin, 1955–1983, a staunch Democrat for! Became Chair of the Council on wage and quantity of goods demanded by consumers and environment. Both helped and hindered growth Information Technology and was inducted into the AFL-CIO U.S. auto industry lost a lot mileage. Trust economists, but government-supported technological innovation, market globalization, and environment... 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